Synergy Asset Management LLC Sells 7,621 Shares of Apple Inc. (NASDAQ:AAPL)

Key Points

• Synergy Asset Management LLC has reduced its stake in Apple Inc. by 4.2%, owning 175,777 shares valued at $39,045,000, making Apple its fourth largest position.
• Apple's Board of Directors has authorized a stock buyback plan worth $100 billion, indicating they believe the stock is undervalued.
• Analysts have a consensus rating of "Moderate Buy" for Apple, with a current price target of $234.94 and mixed ratings across various firms.

Synergy Asset Management LLC decreased its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 4.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 175,777 shares of the iPhone maker's stock after selling 7,621 shares during the quarter. Apple accounts for about 4.9% of Synergy Asset Management LLC's portfolio, making the stock its 4th largest holding. Synergy Asset Management LLC's holdings in Apple were worth $39,045,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of AAPL. Life Planning Partners Inc bought a new position in Apple in the 4th quarter valued at about $47,000. Conquis Financial LLC bought a new position in Apple in the 4th quarter valued at about $63,000. LSV Asset Management bought a new position in Apple in the 4th quarter valued at about $65,000. Pillar Financial Advisors LLC bought a new position in Apple in the 4th quarter valued at about $82,000. Finally, Compass Planning Associates Inc bought a new position in Apple in the 4th quarter valued at about $96,000. Institutional investors and hedge funds own 67.73% of the company's stock.

Apple Stock Down 2.5%

NASDAQ:AAPL traded down $5.19 during mid-day trading on Friday, hitting $202.38. The company had a trading volume of 97,423,066 shares, compared to its average volume of 44,912,472. The business has a fifty day simple moving average of $205.22 and a 200-day simple moving average of $213.98. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 1.18. Apple Inc. has a 1 year low of $169.21 and a 1 year high of $260.10. The firm has a market capitalization of $3.02 trillion, a price-to-earnings ratio of 30.71, a PEG ratio of 2.28 and a beta of 1.17.

Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.14. Apple had a return on equity of 172.48% and a net margin of 24.30%. The firm had revenue of $94.04 billion during the quarter, compared to analyst estimates of $88.64 billion. During the same period in the previous year, the company earned $1.40 earnings per share. Apple's quarterly revenue was up 9.6% on a year-over-year basis. Equities analysts forecast that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple announced that its Board of Directors has initiated a stock repurchase plan on Thursday, May 1st that permits the company to buyback $100.00 billion in outstanding shares. This buyback authorization permits the iPhone maker to repurchase up to 3.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

Apple Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Monday, August 11th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Monday, August 11th. Apple's dividend payout ratio is 16.20%.

Insider Transactions at Apple

In other Apple news, insider Chris Kondo sold 4,486 shares of the company's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $208.19, for a total value of $933,940.34. Following the completion of the sale, the insider directly owned 15,533 shares in the company, valued at $3,233,815.27. This represents a 22.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.06% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on AAPL shares. Tigress Financial lifted their price target on shares of Apple from $295.00 to $300.00 and gave the company a "strong-buy" rating in a report on Thursday, April 3rd. UBS Group lifted their price target on shares of Apple from $210.00 to $220.00 and gave the company a "neutral" rating in a report on Friday. Loop Capital decreased their price target on shares of Apple from $230.00 to $215.00 and set a "hold" rating on the stock in a report on Wednesday, April 30th. Wedbush reaffirmed an "outperform" rating and set a $270.00 price target on shares of Apple in a report on Wednesday. Finally, JPMorgan Chase & Co. lifted their price target on shares of Apple from $250.00 to $255.00 and gave the company an "overweight" rating in a report on Friday. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Apple presently has an average rating of "Moderate Buy" and a consensus target price of $237.25.

Apple Company Profile

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.